Ondo wants to rebuild prime brokerage on-chain — and perps are the first step

Ondo, a leading issuer of tokenized U.S. Treasuries (over $2 billion TVL) and tokenized stocks/ETFs (60% market share), is shifting focus from asset issuance to building full-stack on-chain financial services. President Ian de Bode described the current phase as a "land grab" focused on building scalable infrastructure. The company announced Ondo Perps, a new platform for perpetual futures on equities and commodities that uniquely allows tokenized stocks and ETFs to be used as collateral, aiming to attract market makers. This move is the first step toward Ondo's long-term goal: recreating traditional prime brokerage services on-chain, facilitating a convergence where investors can trade crypto, stocks, ETFs, and derivatives in a single application.

(Source：CoinDesk)